Lotus crisis discussed in Parliament

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thommo
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Lotus crisis discussed in Parliament

Post by thommo » Sat Apr 28, 2012 5:50 pm


stevegreen

Re: Lotus crisis discussed in Parliament

Post by stevegreen » Sun Apr 29, 2012 10:06 am

Thommo - great find.

Assuming most of that is an unedited copy from Hansard, so it's good to get a direct source.

Some interesting info on whether Lotus has/hasn't been profitable recently:

"Lotus has experienced financial difficulties at times, but it was profitable as recently as 2008-09, when the Group Lotus annual accounts show a profit before tax of �1.5 million. It is important to emphasise this point as one will find many incorrect references in the automotive press to the �fact� that Group Lotus has never made a profit since it was bought by Proton, when the actual facts are that the company has been profitable quite recently".

Also interesting, given the strength of the Chinese market:

"Group Lotus no longer owns the right to use the name �Lotus� on cars sold in China. That right is now owned by a small Taiwanese company, which licenses it to China Youngman, a potential buyer of Group Lotus that is already importing Lotus cars into China. That is an odd thing for any car company to do, particularly one whose brand and the heritage are so important. The brand is a central part of the company�s value, and it is hard to imagine selling it to others so that it could not use its own brand name in a territory without let or hindrance, but that appears to be what has happened."

Not sure the following actually helps the current situation, especially if I was a supplier being asked to provide major cost items to the Exige V6 startup:

"I fear that Proton will say that it has decided to keep Lotus, while negotiating with the banks for as long as possible to write off or reduce debt, then either hand what is left of Group Lotus to the Chinese or liquidate it. The question for Proton in such circumstances would be: is it planning to pay the suppliers? That is relevant because there are tens of millions of pounds of accounts receivable outstanding, and many further jobs in the supply chain beyond those at Group Lotus itself are affected."

Another slant on Lotus production:

"Last year it recorded production of 1,458 cars of which 1,189 were for export".

But perhaps the most telling piece of information is on the continued cashflow issue:

"May I ask my hon. Friend to interrogate closely the question of how much support is being provided so that manufacturing can �resume�, as he puts it? My understanding is that DRB-HICOM is drip-feeding small amounts of cash to the business, that there is little manufacturing going on and that there might not be too much manufacturing going on in future unless we are careful."

Oddly no mention of the podger "two men in shed" plan... :whistle:

tim_marra
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Re: Lotus crisis discussed in Parliament

Post by tim_marra » Sun Apr 29, 2012 10:43 am

Isn't Joe Saward on Tony Fernandes payroll?

Podger
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Re: Lotus crisis discussed in Parliament

Post by Podger » Sun Apr 29, 2012 12:35 pm

[quote=stevegreen]
Oddly no mention of the Podger "two men in shed" plan... [/quote]

I have never ever suggested anything like that ......... Anywhere!!!! What is your problem ???

Have you ever posted an ORIGINAL & VIABLE plan , or suggestion?? No ! You even argue against yourself , & against your own earlier posts

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thommo
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Re: Lotus crisis discussed in Parliament

Post by thommo » Sun Apr 29, 2012 2:59 pm

Oh no, CAPITALS and BOLD type.

Podger
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Re: Lotus crisis discussed in Parliament

Post by Podger » Sun Apr 29, 2012 3:15 pm

Just to reinforce my opinion that DB should not be the CEO , I noted it the Hansard link that :

The CEO, Dany Bahar, has stated publicly in a recent interview that it would �make no sense� to move manufacturing. However, he also stated the exact opposite at the Paris motor show in October 2010 and at the Los Angeles motor show in November 2010, when it was stated that production would shift abroad and that a new factory site would be decided on before Christmas.

This is a top rank CEO ?????? I think not :whistle:

SeanB
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Re: Lotus crisis discussed in Parliament

Post by SeanB » Sun Apr 29, 2012 3:16 pm

Bloody Hell this really is SELOC.

Can I be a director and ban somebody please, and can I promote BAT cus they are ace.

stevegreen

Re: Lotus crisis discussed in Parliament

Post by stevegreen » Sun Apr 29, 2012 3:26 pm

oops

Image

tim_marra
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Re: Lotus crisis discussed in Parliament

Post by tim_marra » Sun Apr 29, 2012 3:39 pm

[quote=Podger]Just to reinforce my opinion that DB should not be the CEO , I noted it the Hansard link that :

The CEO, Dany Bahar, has stated publicly in a recent interview that it would �make no sense� to move manufacturing. However, he also stated the exact opposite at the Paris motor show in October 2010 and at the Los Angeles motor show in November 2010, when it was stated that production would shift abroad and that a new factory site would be decided on before Christmas.

[/quote]

News to me.

DB has done more for Lotus than anyne since ACBC IMHO.

Roll on June..... ;)

Podger
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Re: Lotus crisis discussed in Parliament

Post by Podger » Sun Apr 29, 2012 4:10 pm

[quote=tim_marra][quote=Podger]Just to reinforce my opinion that DB should not be the CEO , I noted it the Hansard link that :

The CEO, Dany Bahar, has stated publicly in a recent interview that it would �make no sense� to move manufacturing. However, he also stated the exact opposite at the Paris motor show in October 2010 and at the Los Angeles motor show in November 2010, when it was stated that production would shift abroad and that a new factory site would be decided on before Christmas.

[/quote]

News to me.

DB has done more for Lotus than anyne since ACBC IMHO.

Roll on June..... ;) [/quote]

It was to me to :(

I'll give you that, if not for all the right reasons or outcomes ;)

June not so far away now :grin:

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